Dismissing the petition, Justice R S Ramanathan of the bench here said a case regarding the merger was pending in the Bombay High Court and if the petitioner wanted relief he could seek it by filing an intervening petition there.
He also felt that the petitioner did not file the necessary materials to prove his allegation that the merger caused a loss of Rs 2,105.87 crore to the shareholders.
On June 13, the judge had ordered notices to SFIO and CBI.
The petitioner had submitted that 1.97 crore investors bought RNRL shares after the company signed gas supply master agreement with Reliance Industries. The closing price of a RNRL share on July 2, 2010, was Rs 62.95.
The same day the announcement came that RNRL would be merged with R-Power. The value of RNRL and R-Power shares stood at 2.7:1 on July 2, 2010. The share swap ratio was fixed at 4:1 for the merger.
The merger plan brought down the share value of RNRL from Rs 63.95 to Rs 45.20, the petition said. It alleged that investors were defrauded to the tune of Rs 2,105.87 crore. The petitioner said he himself had lost Rs 18,000 and had sought a direction to SFIO and CBI to probe his complaint.